User Account

All Pages

How is the amount of the gift reported on the estate tax

Assignment Help Accounting Basics
Reference no: EM131822096

Question - On his deathbed, Chester gave his live-in caregiver $5,113,000 of listed bonds, incurring a gift tax liability of $35,000. After Chester died, the executor of his will filed a gift tax return and remitted the gift tax to the IRS. Assume Chester's estate is required to file an estate tax return, Form 706. How is the amount of the gift reported on the estate tax return?

a. There is nothing required to be shown on the estate tax return.

b. As an adjusted taxable gift of $5,100,000.

c. As an adjusted taxable gift of $35,000.

d. On schedule B of the Form 706 as stock included in the gross estate.

Reference no: EM131822096

Questions Cloud

What amount of gross income must be reported : What amount of gross income must be reported in each of the following cases? Juanita dies and Diane elects to receive $20,000 per year for four years.
Present value of your windfall if appropriate discount rate : What is the present value of your windfall if the appropriate discount rate is 10 percent?
Represent the number of visits to a gp over : Let X represent the number of visits to a GP over the last 12 months. From the past records of patients
Prescriptive and positive accounting theories : Explaining and evaluating Prescriptive and positive accounting theories, and highlighting some of the criticism raised
How is the amount of the gift reported on the estate tax : Assume Chester's estate is required to file an estate tax return, Form 706. How is the amount of the gift reported on the estate tax return
Four-year-old mortgage outstanding on your house : You currently have a? four-year-old mortgage outstanding on your house. How would the timeline differ if you created it from the? bank's perspective?
Is this a binomial or a hypergeometric distribution : Is this a binomial or a hypergeometric distribution? Explain.
Compute the marginal average and effective tax rates : Compute the taxable income and federal tax liability for the current year. Compute the marginal, average and effective tax rates.
Company-sponsored training as a factor : What is the probability that between 42 and 47 (inclusive) consider the availability of company-sponsored training as a factor to weigh in taking a job?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the total number of bars that must be sold for

smooth-n-soft soaps sells bars of three soaps gentle goat milk lavendar soft and chamomile clean. the company has

  Make a report on financial report of myer holdings limited

Make a report on financial report of Myer Holdings Limited: Inventory - overstate- aasb valued at cost or lower of cost or market. Accounts receivable - overstate - estimation of provision for bad and doubtful debts - understate your provision

  You want to have 25000 for a down payment on a house 6

you want to have 25000 for a down payment on a house 6 years from now. if you can earn 6.5 percent compounded annually

  Compute net cash provided by operating activities

Compute net cash provided by operating activities, the net change in cash during the year

  Altertech inc manufactures a product which contains a

altertech inc. manufactures a product which contains a circuit board. the company has always purchased this circuit

  Common method of capital budgeting

Which of the following is not a common method of capital budgeting?

  What amount of interest expense related to this project

What amount of interest expense related to this project should Besta Energy Co. report in its income statement

  Prepare the journal entry to record income taxes

Southern Atlantic Distributors began operations in January 2016 and purchased a delivery truck for $40,000

  Select one organization of virtual organizations from

select one organization of the virtual organizations from the student website.write a 1400- to 2100-word paper in which

  Prepare a consolidated worksheet for the period ending

Using the above data and Excel, prepare a consolidated worksheet for the period ending December 31, 2017

  When the corporation issuing the bonds has the right to

1. one potential advantage of financing corportations through the use of bonds rather than common stock isa.the

  Like-kind exchange xenon corporation

Q Like-Kind Exchange Xenon Corporation can sell an auto used in its business for $4,000 and purchase a new auto for $20,000. Alternatively, it can trade in the auto on a new one from a different dealer.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd